The New York Post's Page Six - yes, pay attention to the source - reports the Feds are closing in on an indictment of Eliot Spitzer:

The federal case against him is so strong that prosecutors had no interest in striking cooperation agreements with the ringleader of Spitzer's hooker-supplier, Emperors Club VIP, and his second in command, sources told The Post's Murray Weiss.

Prosecutors have records of Spitzer's transactions, phone records and taped conversations with Emperors Club, and are confident they need little more to nail him on charges that could include violating prostitution laws and money laundering, sources said. Probers are also said to be looking into whether he used campaign funds to pay for his pleasures.

No speculation yet (that I've seen, anyway) about how much time Spitzer may possibly have to spend in the slammer.